America should pay attention to Greece

My new column for National Journal asks whether the US might soon face a similar crisis of confidence.

It depends on what you mean by "soon." At the moment,
the United States is borrowing with no great sign of stress. Far from
coming under pressure, the dollar is still strong, and the cost of U.S.
government borrowing (the interest rate on Treasury bonds) shows no
sign of spiking. Greece, to be sure, has some problems all its own.
Where it leads, the United States need not follow. Yet one should not
dismiss the parallel too blithely. Sentiment in financial markets can
change abruptly, and the differences between Greece's financial
condition and America's are not as vast as one would wish.

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